Steve Horwitz points to census data which clearly shows a decline of the middle class - to that of wealthy.
Fewer households are poor, fewer are middle class, and a hunk more are above $75K.
The Economist magazine also
advised that as a result of rapid growth in emerging countries over half the world's population now belongs to the middle class.
The surge across the poverty line is a period of accelerating growth both for the new middle class and for the country it inhabits. That should continue for a couple of decades. By most estimates, the global middle class will more than double in number between now and 2030. This will have profound social consequences, as happened in previous middle-class surges.
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